TerraForm Global Completes Acquisition Of Alto Cielo Solar Farm

TerraForm Global Inc (NASDAQ: GLBL) announced on Friday it has closed the acquisition of the 26.4 MW capacity Alto Cielo solar plant in Uruguay for approximately $35.4 million.

According to Bloomberg, TerraForm's acquisition represents something "its parent [SunEdison] has struggled to do recently: complete an acquisition." The publication added that the acquisition comes at a time when TerraForm is seeking to avoid insolvency proceedings following SunEdison's bankruptcy filing.

Bloomberg added that TerraForm is taking stakes to create distance between itself and its parent company. The company previously argued in a lawsuit filed April 3 that SunEdison misused $231 million that had been allocated towards completing solar farm projects in India.

Shares of TerraForm were trading lower by more than 1 percent Monday afternoon.